Indo MIM has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO) comprising a fresh issue of equity shares worth Rs 1,000 crore. Apart from fresh issues, there would be an offer for sale (OFS) of 12.97 crore equity shares by shareholders.
The company proposes to utilise proceeds of Rs 720 crore for debt payment, and the remaining towards general corporate purposes. HDFC Bank, Axis Capital, ICICI Securities, Kotak Mahindra Capital Company and SBI Capital Markets are the book-running lead managers to the issue.
Incorporated in 1996, Indo MIM manufactures precision engineering components, primarily using metal injection moulding (MIM) technology.
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